Place the bread in a bowl, cover with water and soak for 10 minutes. Gently squeeze out the excess water using your hands and set aside.
Place the almonds, garlic, oil and vinegar in an upright blender and blend until smooth. Add the soaked bread and continue to blend until very smooth. Add water, if necessary, to make a pouring consistency. Season with salt and pepper, then refrigerate for 1 hour or until chilled and to allow the flavours to infuse. Pass through a fine sieve and serve.
This can be made up to 1 day in advance.
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